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. but yesterday we saw a precision air strike from israel on a hamas chief-of-staff leader, and what that did was it raised that bar again about the geopolitical risk with crude-oil, and we saw this big reversal to the upside. > > there is yet another call for gold to go to $2,000 an ounce. what do you think about that? > > i definitely think so. the issue that we're having here is safety, and there's not enough of it to be spread around. we're seeing almost no yield in treasuries. we saw a german note auction that provided a negative yield. the dollar index isn't much safer than the euro currency. so gold seems to be a hard asset and a place that traders may want to be. > > good to have you on the show this morning. have a good trading day phillip. > > thank you. president obama has set the pace for tomorrow's meeting with congressional leaders. in a news conference yesterday the president reiterated the need to raise taxes on the wealthy while continuing tax breaks for the middle class. the president wants to bring in $1.6 trillion in new revenue. the president made the comments yesterday,
alternatives joins us now. those reports larry of cease-fire coming out of israel really rocked the oil market yesterday. what do you anticipate for today? > > i anticipate the trend to continue. keep in mind, before we had this cease-fire, a month ago, there was a big downward trend in the oil price. so i just expect that momentum to continue. refinery margins are really high, there is a lot of supply. i expect oil to continue to lower in price. > > what about greece? will we be able to get any closure there with the bailout money? > > i think the only way we are going to get closure is when people are willing to forgive and write down their debt, because that is the only way it's going to work. right now they are 180% debt-to-gdp. they need to get it down to 120%. it's just not going to happen. they don't have the money to be able to do this. they are going to have to forgive debt and take a haircut. > > month after month, traders are watching better-than- expected news come in from the housing sector. can we call the housing crisis done? > > i think we can. i think we have fallen down a sev
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